takeover target teck cominco

This is from SMH today

The prospect of takeover, the TZN announcement and the upcoming divi announcement will help this stock along this week.Good luck to all the holders

Also might take a look at OXR as that is at 2 months lows at present.

"Teck to attack

At the Diggers and Dealers conference in Kalgoorlie last week, Teck Cominco chief executive Don Lindsay made it clear his company had a hit list of 13 targets in case its ambitious bid for Canadian nickel miner Inco failed.
At this point, it's looking like he'll have to dust off that document, which is rumoured to include local targets like Oxiana and Zinifex.

Both shares gained yesterday, with the more likely target, Oxiana, up 13c to $2.79.

Lindsay was returning to Canada from Australia last Friday when he received some most unwelcome news. After months of dilly-dallying, Brazilian iron ore miner CVRD lodged an all-cash bid for Inco just days before Teck was to have sewn up its "made in Canada" transaction.

Lindsay, a former investment banker, was quick on his feet and came up with an audacious plan. He attempted to complete Canada's biggest ever capital raising - a massive $C5.725 billion ($6.67 billion) - overnight to help Teck raise its bid.

Unfortunately the plan failed and Teck was forced to withdraw from the race yesterday.

"We will now pursue some of the many other opportunities we see to grow Teck Cominco and to add value for our shareholders, both through enhancements to our existing assets and through acquisitions," he said.

US copper miner Phelps Dodge has a friendly bid on the table but it looks very unlikely to beat CVRD's all-cash offer.

So unless Rio Tinto enters the fray at the 11th hour, CVRD will soon leap-frog Anglo American to become the world's third-biggest mining company.


Jamie Freed, Matt O'Sullivan

[email protected]


smh.com.auhttp://www.smh.com.au/news/business/myer-squibs-it-leaves-djs-alone/2006/08/17/1155407954437.htmlsmh.com.au

The Sydney Morning Herald.